Premium rises boost QBE after loss
QBE shares surged as the insurer said it had had little choice but to increase premiums, after it posted a $US712m interim loss.
Financial Services
Words not enough to change AMP’s culture
AMP’s culture is front-and-centre in its strategic plans, but the key to change is progress and actions over working groups.
What if bank customers can never repay their loans?
ASIC has warned banks to take ‘all reasonable steps’ to keep borrowers in their homes.
Insurers launch legal test to Covid payouts
A finding against the insurance industry could trigger hundreds of millions of dollars in payouts to businesses hit by lockdowns.
CBA result raises concerns about credit quality, retail growth
Analysts see loan repayment deferrals and JobKeeper masking the worst underlying trends for CBA.
KPMG flags flat 2021
KPMG will return all its staff to full pay from next month after recording better than expected revenues in July.
Economy will need ongoing stimulus, says CBA
Commonwealth Bank chief executive Matt Comyn says the economy will need substantial ongoing stimulus across many sectors.
Size matters as CBA scoops up deposits
Matt Comyn has turned Commonwealth Bank into a deposit-munching machine.
CBA boss upbeat on loan repayments
Matt Comyn is confident the majority of under-pressure borrowers will restart making loan payments when the lender’s deferral periods end.
Magic Matt’s Goldilocks result
Amid the biggest economic crisis since the Great Depression, CBA has earned $7.3bn.
Jobs will be cut: NAB CEO
Ross McEwan says while some specialist jobs will go to lower costs, the bank will add hundreds of roles to support customers.
Magellan rides out the storm with rise in profit
Magellan Financial Group is reaping the rewards of a strong investment performance in volatile markets
Vaccine failure would ‘shock’ markets: Douglass
The Magellan co-founder said markets were potentially mispricing a best-case global scenario on a COVID recovery.
Super funds cautious despite growth
The median balanced option returned 0.9 per cent for the month of July.
Magellan lifts profit, payout
Magellan’s slightly bigger-than-expected profit and a big lift in dividends comes amid strong gains in funds under management.
CBA’s plan to attack a weakened NAB
Matt Comyn has a secret agenda, for the Commonwealth Bank to replace NAB as the pre-eminent business bank in Australia.
CBA profit falls 11.3%, dividend sliced
CBA annual profit declines 11.3% to $7.3bn as the bank declares its lowest dividend since 2006.
Boards brace for corona class actions
Costs for directors’ and officers’ insurance has soared over the past year on the back of a boom in class actions in Australia.
‘Radical’ measures needed to fix AMP
Banking industry veteran Mark Johnson says “quite radical” measures are required to fix culture at a company like AMP.
ASIC drops probe into Thorburn
Former NAB chief Andrew Thorburn has got a ‘no-action letter’ from ASIC after a torrid session in the Hayne inquiry.
Bank workers seek pandemic rise
Union urges banks to pay customer-facing Victorian employees a $5 an hour wage rise to compensate for COVID-19 stress.
ASIC cleans up; banks face capital challenges
The banking sector’s consistent dividend flow has been seen as a kind of annuity, but the coronavirus will change that.
Challenger swings to loss, stays cautious
Challenger will keep a more defensive portfolio after a $750m hit in the COVID market rout dragged it to a full-year loss.
Relief for Brenner, but not AMP
Catherine Brenner might be breathing easier but AMP is still a mess. The sooner it is taken over or broken up the better.
Watchdog clears former NAB exec Hagger
Former senior NAB executive Andrew Hagger has been told he faces no action over evidence to the Hayne royal commission.
Murray on notice to fix AMP culture
Investors are demanding cultural change at AMP, after the wealth group saw off senior executive Alex Wade for inappropriate conduct.
‘I was confident I’d be cleared’, ex-AMP chair
ASIC’s move to clear ex-AMP chair Catherine Brenner of any wrongdoing over the fees-for-no-services scandal has reopened divisions from 2018.
Bigger second bite for early super
Second applications by those withdrawing savings in the early super offer are higher than in the first round, new figures show.
Future Fund builds cash holding
Future Fund has a near record 15 per cent of its $162.3bn in funds under management in cash.
APRA trims policy reform agenda
The prudential regulator will resume issuing licences after a virus suspension, but will limit its reform task to high-priority issues.
Original URL: https://www.theaustralian.com.au/business/financial-services/page/199